Parent Company Financial Statements

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

The following tables present parent company only financial statements of the Bancorp, reflecting the investment in the Bank on the equity basis of accounting. The Statements of Changes in Shareholders’ Equity for the parent company only are identical to the Consolidated Statements of Changes in Shareholders’ Equity and are therefore not presented.



Balance Sheets	(Dollars in thousands, except par value)
December 31,		2015			2014
Assets:
Cash on deposit with bank subsidiary			$3,169			$2,998
Interest-bearing balances due from banks		—			939
Investment in subsidiaries at equity value		398,520			365,766
Dividends receivable from subsidiaries		5,082			5,101
Other assets		377			311
Total assets			$407,148			$375,115
Liabilities:
Junior subordinated debentures			$22,681			$22,681
Dividends payable		6,075			5,617
Contingent consideration liability		2,945			—
Other liabilities		59			538
Total liabilities		31,760			28,836
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 30,000,000 shares; issued and outstanding 17,019,578 shares in 2015 and 16,746,363 shares in 2014		1,064			1,047
Paid-in capital		110,949			101,204
Retained earnings		273,074			252,837
Accumulated other comprehensive loss		(9,699		)	(8,809		)
Total shareholders’ equity		375,388			346,279
Total liabilities and shareholders’ equity			$407,148			$375,115



Statements of Income	(Dollars in thousands)
Years ended December 31,	2015		2014		2013
Income:
Dividends from subsidiaries		$23,399		$20,116		$24,481
Other income	13		13		20
Total income	23,412		20,129		24,501
Expenses:
Interest on junior subordinated debentures	871		964		1,484
Legal and professional fees	134		96		145
Acquisition related expenses	308		—		—
Other	295		253		279
Total expenses	1,608		1,313		1,908
Income before income taxes	21,804		18,816		22,593
Income tax benefit	557		454		661
Income before equity in undistributed earnings of subsidiaries	22,361		19,270		23,254
Equity in undistributed earnings of subsidiaries	21,104		21,554		12,899
Net income		$43,465		$40,824		$36,153



Statements of Cash Flows	(Dollars in thousands)
Years ended December 31,	2015			2014			2013
Cash flow from operating activities:
Net income		$43,465			$40,824			$36,153
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary	(21,104		)	(21,554		)	(12,899		)
Increase in dividend receivable	19			(495		)	(408		)
Decrease in other assets	(67		)	183			397
Decrease in accrued expenses and other liabilities	2,466			(516		)	(621		)
Other, net	(3,363		)	(245		)	(214		)
Net cash provided by operating activities	21,416			18,197			22,408
Cash flows from investing activities:
Repayment of equity investment in capital trust	—			—			310
Cash used in business combination, net of cash acquired	(1,671		)	—			—
Net cash provided by investing activities	(1,671		)	—			310
Cash flows from financing activities:
Issuance of treasury stock, including net deferred compensation plan activity	—			—			30
Proceeds from stock option exercises and issuance of other equity instruments	1,563			1,189			3,651
Tax benefit from stock option exercises and other equity instrument issuances	694			578			570
Redemption of junior subordinated debentures	—			—			(10,310		)
Cash dividends paid	(22,770		)	(19,722		)	(16,628		)
Net cash used in financing activities	(20,513		)	(17,955		)	(22,687		)
Net increase (decrease) in cash	(768		)	242			31
Cash at beginning of year	3,937			3,695			3,664
Cash at end of year		$3,169			$3,937			$3,695